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Innovation and New Product Development Guaranteed Success

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Innovation and New Product Development Guaranteed Success The _____ strategy seeks to increase sales of existing products in existing markets. ️market penetration A _____ strategy concentrates on finding new markets for existing products. ️market development The strategy of _____ refers...

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  • September 25, 2024
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  • 2024/2025
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  • Innovation and New Product Development Guaranteed
  • Innovation and New Product Development Guaranteed
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Innovation and New Product Development Guaranteed Success
The _____ strategy seeks to increase sales of existing products in existing markets. ✔️market
penetration



A _____ strategy concentrates on finding new markets for existing products. ✔️market development



The strategy of _____ refers to the introduction of new products into identifiable or established
markets. ✔️product development



A _____ strategy focuses on developing entirely new products for new markets. ✔️product
diversification



Which of the following terms refers to a series of stages consumers go through in learning about a new
product, trying it, and deciding whether to purchase it again? ✔️Adoption Process



Individuals who purchase new products almost as soon as these products reach the market are called
_____. ✔️innovators



A new product innovation that is consistent with the values and experiences of potential adopters and
attracts new buyers at a relatively rapid rate is said to have high _____. ✔️compatibility



Lean product development encourages __________________ to maximize learning. ✔️minimizing the
total time through the development cycle



Lean product development is a(n) ___________________ approach to developing new products
✔️iterative



The term "product positioning" refers to: ✔️consumers' perceptions of a product's attributes, uses,
quality, as well as advantages and disadvantages relative to competing brands.

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